Forex Technical Analysis: Trend potential – Remain flat.


Technical observation

On the chart above price is trading with an increasing bullish bias above the supportive level 1.0359, this upwards movement is a correction to the resistance zone 1.0598-1.0586 and I expect a rejection within it to pick short positions with my take profit at 1.0359 and stop loss at 1.0654. In case of a clear break below the level 1.0359, I expect a further surge to the lower side, on the other hand should there be a clear break above the zone 1.0598-1.0586 with a big green candle, I expect price to plummet towards the key level 1.0786 after a correction to the broken zone.

Trade recommendation

Remain neutral.

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